Smoke billows after Ukraine's SBU drone strikes a refinery in Ryazan, Russia, in this screen grab from a video obtained by Reuters on March 13.While Ukraine is outmanned and outgunned by Russia and again losing territory, it can point to three morale-boosting successes since
But of the three, only the mauling of the Black Sea fleet can be considered an unequivocal victory for Ukraine and the Western countries, most of them NATO members, who supply Kyiv with weapons and funds to cover its gaping budget deficit. Instead, something approaching the opposite has happened – is happening. The Russian economy is not ailing in spite of the pipeline and refinery attacks and the European oil-import clampdown. It is Europe that is suffering. High energy prices have helped propel Germany, Europe’s biggest economy and its leading manufacturer, into recession while forcing the closure of some of its most energy-intensive businesses. Revised figures released this week also show that the.
Markets are not always rational, and they certainly do not appear to be rational as the refineries burn. The oil price rise suggests that investors fear the refinery attacks will reduce supply. While they will certainly cut the output of refined products such as gasoline for some time in the Russian market, it appears the global export markets will, if anything, receive extra dollops of oil.
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